CBN records high diaspora remittance inflows of $553m in July

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The Centre Bank of Nigeria said it recorded an all-time high remittance inflows of $553 million in July 2024.

The apex banks? spokesperson, Sidi Hakama disclosed this in a statement on Tuesday.

This represents a 130 percent increase from the corresponding period in 2023.


According to the bank, this figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria?s foreign exchange market.

It attributed the high remittance inflow to policy measures introduced by the CBN to enhance liquidity in Nigeria?s foreign exchange market.

?These measures include granting licenses to new International Money Transfer Operators (IMTOS), implementing a willing buyer-willing seller model and enabling timely access to naira liquidity for IMTOs.

?Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN?s initiatives have supported continued growth in these inflows, aligning with the institution?s objective of doubling formal remittance receipts within a year.

?The increase in remittances is a strong testament to the success of the CBN?s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth?.